Earnings call briefThird-quarter 2026
Pfizer now expects 2026 R&D expense of $10.8 billion to $11.8 billion
Pfizer said its business development capacity is approximately $6 billion after the Innovent transaction closed in the third quarter.
GetSignal Pfizer PFE
Chief Financial Officer Cecile Guegan said on the third-quarter call that, given the impact of upcoming LOEs, leverage is expected to remain around current levels, or modestly higher, during the LOE transition period.
The company also expects full-year 2026 adjusted gross margin in the mid-70% range.
Quotes from the call
“Following the Innovent transaction, which closed in the third quarter, our current BD capacity is approximately $6 billion...”
“...we now expect full-year 2026 R&D expense to be in the range of $10.8 billion to $11.8 billion...”
Key facts from the call
- Expected 2026 R&D expense
- $10.8 billion to $11.8 billion
- Business development capacity
- Approximately $6 billion, following the Innovent transaction, which closed in the third quarter
- Leverage at third-quarter end
- 2.6x, slightly below the 2026 target of 2.7x
- Expected 2026 adjusted gross margin
- Mid-70% range
Source: Pfizer's third-quarter 2026 earnings call, November 3, 2026.
Written by GetSignal with AI from the company's earnings call.
Not investment advice.
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